Commentary & Deal Flow

Launched: 5.75yr: €750m @ MS+88bp - Books above €3.35bn
Guidance: 5.75yr: MS+90bp (+/-2) WPIR - Books above €3.65bn (pre-rec)
IPTs: 5.75yr: MS+125a

• Issuer: Abertis Infraestructuras SA (Ticker: ABESM; Country: ES)
• Expected Issue Ratings: BBB-/BBB (S&P/Fitch)
• Issuer Ratings: Baa3/BBB-/BBB (Moody's/S&P/Fitch)
• LEI: 549300GKFVWI02JQ5332
• Format: Senior Unsecured / Reg S / Bearer / New Global Note (NGN) (TEFRA D rules apply, no communications with or into the US)
• Size: €750m
• Pricing Date: 1-Jun-26
• Settle: 8-Jun-26 (T+5)
• Maturity: 8-Mar-32 (5.75-year)
• Coupon: Fixed, annual, Act/Act ICMA, short first
• Listing: Euronext Dublin (Regulated Market)
• Governing Law: English Law (other than status of the Notes that will be governed by Spanish law)
• Docs: Pursuant to the EMTN Programme (Base Prospectus dated 4-Mar-26 and supplemented on 28-May-26) with standard conditions precedent, as per EMTN Programme, including, without limitation, closing certificate and legal opinions
• Optional Redemptions: Change of Control Put / 3m Par Call / Make Whole Call / Clean up Call (75%)
• Denominations: €100k+€100k
• UoP: GCP including the repayment or refinancing of indebtedness of the Group.
• Joint Bookrunners: Banco Sabadell, Barclays (B&D), BNP Paribas, BofA Securities, CaixaBank, Citi, Commerzbank, IMI - Intesa Sanpaolo, Mediobanca, Mizuho, Morgan Stanley, RBC Capital Markets, Santander, SMBC
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The EMTN Programme is available on the website of the Irish Stock Exchange
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK
• ISIN: XS3399007288
• Timing: Books Open, Today's business
• Books Subject: Books to go subject at 12:00 UKT / 13:00 CET
• Clearing: Euroclear and Clearstream, Luxembourg
• Stabilization: Relevant Stabilization regulations including FCA/ICMA apply